Internet

Whirly lollipop on orange background.

LegalZoom IPO Roadshow Notes

Online legal services. 8M shares at $11 mid-point = $88M deal split 3.8M primary/4/2M secondary, NYSE: LGZ Books: Morgan Stanley & BofA, Cover: RBC, Blair, Cantor & Montgomery [strange banker group here, not a stable formation!] CEO John Suh does a good job. Been running the company for the past 7 years. Mission is to…

Keep Reading
Whirly lollipop on orange background.

Eloqua IPO Roadshow Notes

Online marketing company. Recent related IPO names include ExactTarget $ET and Responsys $MKTG. Ticker: ELOQ, $85M deal, mostly primary. $10.50 mid-point, JPM & Deutsche have the books, JMP, Needham and PacCrest on the cover. Founded 2000, SaaS model, $100M RRR. Cash flow break-even since 2007. 90% of revenues from North America. Revenue growth has accelerated…

Keep Reading
Whirly lollipop on orange background.

Kayak finding a lane through the white water

Kayak IPO Begins It’s been a long time coming but Kayak has updated their IPO filing and is headed out for open waters. Their S-1 was filed back in November of 2010. The deal has been delayed multiple times due in no small part to a lack of company maturity, increasing competition from Google with…

Keep Reading
Whirly lollipop on orange background.

WageWorks – A quiet IPO success

WageWorks (WAGE) priced on May 10, 2012 at $9 which was just below the filed range of $10-12.  Since then however the shares have been under accumulation and are now changing hands at $15. WAGE is an example of the type of solid IPO that slips between the cracks of the IPO system. The deal…

Keep Reading
Whirly lollipop on orange background.

Proofpoint (PFPT) IPO Note

Proofpoint recently priced their IPO above the $10-12 range at $13 and has held together well in the aftermarket where it’s trading at $13.77. We’re actively covering much of the information security space because it is so critical to consumer internet use, mobile computing and enterprise data and information management. We’ve just published a brief…

Keep Reading
Whirly lollipop on orange background.

Patent Torpedo Incoming for Audience (ADNC)

Audience was on track for a solid IPO. Their voice processing technology is embedded into market-leading mobile devices to enable clearer understanding of speech thanks to much more sophisticated analysis. The $14-16 filing range compares well with our $31 IV. (A link to our research note is available in the left sidebar.) But lo and…

Keep Reading
Whirly lollipop on orange background.

Facebook Impressions & Implications

Stock Capsule: Good for $LNKD and $ZNGA. Bad for $GRPN, $YELP, $RLOC. First of all you can’t help but notice how Facebook has taken a very consumer marketing approach to their roadshow. It’s in a kind of “mockumentary” format. As an aside their use of Flash puts a little positive spin on one of Adobe’s…

Keep Reading
Whirly lollipop on orange background.

New Research Note – Splunk ($SPLK)

We just published a short research note on one of the more interesting technology deals scheduled to price this week. Splunk is exploiting the massive growth in machine-generated data and unstructured information by going after low level logfile data to help organizations understand what is going on in their business. So far investors have been…

Keep Reading
Whirly lollipop on orange background.

Another big test for the IPO Market

Groupon is on the road right now. We’ve written plenty (see Groupon Regrouping) along with many others on the topic. It’s a controversial deal and will be the first really big test for the IPO market in terms of tolerance for risk. We’re doing a pre-IPO research note which should be ready to go out…

Keep Reading
Whirly lollipop on orange background.

LinkedIn Updated IPO Preview

We published an updated preview of the LinkedIn IPO today that expands on our earlier post back in February. The PDF is available under the “Research Reports” tab for Toffee subscribers.  As an experiment we are using our syndication partner Seeking Alpha to distribute the text portion of the note.  It’s available via this link:…

Keep Reading